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The new family tax relief system was adopted by the legislature immediately after the change of government in 2010, and while in 2010 parents received only HUF 12 billion in benefits, this year the amount left for families will reach 360 billion from HUF, András Tállai concluded.
In recent years, the range and amount of tax benefits and contributions for parents raising a child has steadily expanded; So much so that next year the state will leave the largest amount to families, stressed the secretary of state.
According to the calculations of the Ministry of Finance, in 2021 it is expected that more than 380 billion HUF will be left with more than one million parents.
added.
This year, the range of family benefits has been expanded with two more items.
- Beginning January 1, women with four or more children will not have to pay a single penny of personal income tax (PIT) on their earnings from gainful employment. The provisions give financial recognition, a total of more than twenty billion guilders a year, to some 45,000 mothers with large families.
- This year’s other innovation took effect on July 1, 2020, increasing the amount that can be left with parents by one and a half percent, allowing tens of thousands of lower-income parents to take home. your full salary tax-free. In accordance with the provisions of the new contributions law, explained by András Tállai, on July 1 the four contributions were merged into one and the family discount can be deducted from the total amount of the resulting 18.5 percent pension contribution . The Secretary of State recalled that this benefit did not fall to the parents until June 30, 2020, since no tax relief could be claimed for 1.5 percent of the so-called contribution to the labor market.
In addition to tax exemptions, the government also introduced a series of measures to help families during the coronavirus crisis, András Tállai emphasized. Among the discounts introduced in the recent period, he highlighted that thanks to the credit moratorium, the loans will not have to be repaid for almost a year and a half, until June 30, 2021. Continuing with the list, he said that about 60,000 Parents benefited from the discount for families with young children, which expanded the rights for children, children and children that expired during the emergency, and in addition, home improvement benefits were added for families with children.
Between 2011 and 2021 alone, the government left almost HUF 3 billion in families through tax breaks.
Cover Image Source: Getty Images
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